With the emergence of technology, Blockchain has changed the traditional notion of trading. As a result, Crypto is the new normal in the trading society, and the transition path from traditional to Crypto trading is unknown to all.
We may be aware of Bitcoin, but only a few, compared to the world's population, are into it. However, it has been operating in the market since 2009. As a result, many people have considered it, and many have ignored it, creating controversy regarding Crypto trading.
Where is the problem?
The main problem can be divided into two parts.
- Cryptocurrencies are digital currencies with no real value if you do not believe in them, and the market is volatile.
- On the other hand, security concerns Crypocurreices and their practices.
We all know that the Crypto market is the most volatile, but what about the security purpose?
Well, Your Crypto trading is as secure as your Crypto wallet is. So it depends on you to secure the whole process.
Tips To Secure Your Bitcoin Wallet For Safe Trading.
Your trading process is not safe until you know the instances of Crypto trading and its platform usage. You can use any secure platform like bitcoin millionaire to trade on the Crypto market, but before that, you need to understand the essence of the wallets in the platforms.
In any platform, you will find your wallet to add money and transact as you wish. However, it's on you to maintain your wallets. So let's find out the tricks to maintain your Bitcoin wallet.
Make Your Password Strong
If you want to make your password strong, you will be able to do that on your own. However, whenever you log in to a Crypto platform, make sure that you have created a strong password for login and transactions.
Try creating two separate passwords for login and transaction purposes through wallets.
Apart from that, making your password credentials strong is also necessary.
- Use a combination of numbers, alphabets, and special characters.
- Try to include a minimum of 8 characters.
- Use both lower and uppercase.
Use A Cold Wallet
First thing first! Know the difference: Hot wallets are online wallets (MetaMask, Exodus et cetera), and cold wallets are offline and also known as hardware wallets such as USB.
It's always better to store your data through a cold wallet because these are prone to security.
Diversify Your Investment In Wallets
It's not necessary to use only one wallet and use that for various trading through Cryptocurrencies. In fact, this practice can significantly increase the risk of losing more assets in one hacking or trading situation.
Therefore, try to diversify your portfolio and create multiple wallets for trading in various currencies to mitigate the risk of loss.
Be Aware Of Phishing Scams
It's time to be aware of phishing scams. These are everywhere, and you can be the next victim if you do not secure your Bitcoin wallet.
Security is not the only concern of the trading platforms but users as well. So, try the above phishing emails and notifications, and always look at the legitimate link to see if it is HTTPS or not.
Use A Secure Internet Connection.
Trading from anywhere is a bliss of technology that we are taking full advantage of. But do not be too comfortable with it while using your Bitcoin wallet. Make sure that you are not under public wifi while trading.
Apart from that, always use a secure VPN before opening your wallet.
Double-Check Recipients Wallet Address
The sender or receiver of Bitcoin is identified with their unique wallet address. It consists of alphanumeric and special characters. Moreover, you will find the address within 26 to 35 characters.
The hacker can manipulate the receiver’s address by putting their own address. So, try to recheck the address before sending Bitcoin to the partner's wallet. Blockchain payments are irreversible; thus, once you have paid, there is no recovery process.
Avoid Crypto Scams To Securely Use Your Wallet
Crypto scams are mostly related to social media wallets. For instance, if you are watching a Youtube video to make money, you might find a link in the bio or the phone number of the video creator.
They might ask you to open your first Crypto account with them and make money. If you get convinced and get their service, you might never get your money back.
So, avoiding unauthorized social media videos and links for Bitcoin trading is better.
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